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HomeCrypto NewsMarketShiba Inu Bulls Brace for Massive Uplift as Shibarium Nears, Can SHIB tap $0.00002?

Shiba Inu Bulls Brace for Massive Uplift as Shibarium Nears, Can SHIB tap $0.00002?

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A storm of optimism has been brewing within the Shiba Inu community over the upcoming Shibarium beta release.

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As reported by Crypto Basic, the team behind Shibarium dropped a new blog update regarding the much-anticipated protocol on Sunday stoking investors who see the positive news potentially sending SHIB to $0.00002.

The update, which has since attracted over 290K views and over 5000 likes on Twitter confirmed that Shibarium Beta was about to be launched with the team calling on the Shib Army to “rejoice”. And although a soft date for the launch was not provided, the team noted that they were  “approaching the finishing touches for Shibarium’s Beta and its imminent launch.” 

However, they asked the so-called Shib-Army to remain calm and avoid asking “wen?” but instead focus on developing Shibarium correctly and introducing it responsibly.

Earlier in the day, anonymous Shiba Inu developer Shytoshi Kusama tweeted

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During fall the tree may have only a few leaves, but then spring appears. Luckily, Shibarium, in this context, is a Pine Tree. Still, it needs water, sunlight and proper soil. But pines survive and thrive during the harshest winters. (I also hear the needle tea is good for u.)

First proposed by Ryoshi, the anonymous creator of SHIB, in May 2021, Shibarium is a layer 2 blockchain that seeks to bring sprawling capabilities and interoperability features to the Shiba Inu ecosystem. Apart from introducing major scaling solutions, security and the Decentralized Finance (DeFi) space, Shibarium will introduce better token burn mechanisms helping reduce SHIB’s upsetting supply. 

Last week, the team noted that Shibarium will require using $BONE to pay for transactions/gas fees adding that each of those transactions will burn SHIB. Investors hope that burning SHIB tokens per transaction will be reflected in the total token supply. According to them, this will have a significant impact on the circulating supply of SHIB over time, theoretically boosting the crypto’s price.

Shib price

After trading for weeks in doldrums following the FTX collapse, Shib managed to rise over 18% in the past 7 days. At press time, the “Doge Killer” was trading at $0.00001 after surging 3.83% in the past 24 hours according to data from Coinmarketcap. Technically, investors have been watching $0.000009, a key area that is expected to hold as support, propelling prices to $0.000012-the next resistance- before aiming for $0.00002.

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Author

Newton
Newton
Newton is a finance writer with over 5 years in the field. His experience spans all matters of Blockchain including regulations, Web 3, and cryptocurrencies. When he is not working on the next big story for his audience, he likes reading political books and advancing his legal career.

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